Patch Appoints Arun Dey As Senior Executive Vice President and Chief Operating Officer
Posted on: Thursday, 8 September 2005, 09:00 CDT
VANCOUVER, Sept. 8 /PRNewswire-FirstCall/ -- Patch International Inc. (PTII: OTCBB) today announced the appointment of Arun Dey as Senior Executive Vice-President and Chief Operating Officer to Patch Energy Inc., a wholly- owned subsidiary. Mr. Dey will be based in Calgary, Alberta and with this appointment he assumes leadership of PTII's worldwide oil and gas exploration and production activities.
"I am extremely pleased to make this announcement," said David Stadnyk, PTII's President and Chief Executive Officer. "Arun has a disciplined, strategic approach to selecting and executing both internal growth projects and opportunistic asset acquisitions. I believe his track record of experience and achievement is one of the most outstanding in the North American oil and gas industry and will be a key component to PTII's shareholder value creation. Under Arun's leadership, PTII will create a number of high performance upstream business units that will focus on PTII's goal of becoming a growing and high performing oil and gas company."
Mr. Dey founded Dako Energy Inc. in 2002 for oil and gas exploration, production development and M and A's in the energy sector, both as an equity owner and also as a management consultant. Prior to Dako Energy, Mr. Dey was employed for 18 years by Alberta Energy Company Ltd. (now EnCana Corporation). Mr. Dey held numerous engineering, project management and management positions during the 18 years of his employment with Alberta Energy Company Ltd. Prior to taking early retirement from EnCana Corporation in 2002, Arun held the position of the President of South American business unit for the Midstream Division of Alberta Energy Company Ltd. He has extensive knowledge and background in the oil and gas sector in the USA, Canada, Latin America, the Middle East and India. He has acted as an advisor to a number of international clients, including investment banks and producers. He has led a number of M and A endeavors and managed worldscale energy sector projects, including, oil and gas production, gas storage, heavy oil upgrading, power and petrochemicals.
Arun is a 1971 chemical engineering graduate from Heriot-Watt University, Edinburgh, U.K. He is a registered professional engineer with APEGGA and a member of the Petroleum Society of CIM.
ABOUT PATCH INTERNATIONAL
PTII is a junior oil and gas producer that currently earns oil revenue from 19 oil wells. These wells provide the company with both short-term and long-term cash flow. It is anticipated that these wells will have a life of over 15 years. PTII has properties in North America, and is exploring opportunities in North Africa, South America, and Ukraine. PTII holds 11.2 million shares in Pharmaxis (Australian Stock Exchange: PXS, NASDAQ NM: PXSL) of which 5.6 million have been declared as a dividend, and is largest shareholder behind the Rothschild Group. PTII plans to use the proceeds from this investment to build the company's oil and gas assets and just as PTII's pioneering pharmaceutical efforts are coming to fruition, PTII believes that the coming months will be a period of tremendous success for the company's domestic and international oil and gas prospects.
For further information visit our corporate website at http://www.patchinternational.com/.
If you are not currently on the PTII updates list, please send in your email to info@patchinternational.com or call 888-864-7372 with the best way to keep you informed. We will send out regular updates and news releases to everyone who asks to be on the list.
Contact: Investor Relations Tel: 888-864-7372 Fax: 604-688-5390 Email: info@patchinternational.com
The foregoing communication contains forward-looking statements. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Patch International Inc. may differ materially from these statements due to a number of factors. Patch International Inc. assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before you make investment decisions.
Patch International Inc.
CONTACT: Investor Relations, Tel: (888) 864-7372, Fax: (604) 688-5390,Email: info@patchinternational.com
Source: PRNewswire-FirstCall
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